Khan's company forecloses on Barnett Bank building

By Karen Brune Mathis, Financial News & Daily Record

Posted: 5:49 PM, June 09, 2015Updated: 5:49 PM, June 09, 2015

The design of the Barnett National Bank buildling at 112 West Adams Street reflects the eclectic influences of commercial architectural styles of the 1920s. At 18 stories, it remained the tallest building in Jacksonville for over 28 years.

JACKSONVILLE, Fla. - Stache Investments Corp. has filed a complaint to foreclose on the Barnett Tower Downtown, claiming it is owed almost $3.77 million as of Dec. 5, according to News4Jax news partner the Financial News & Daily Record.

Stache Investments, led by President Shad Khan, filed the foreclosure complaint May 22.

Barnett Tower LLC is led by manager Stephen Atkins.

The 18-story tower at 112 W. Adams St. was built in 1923. Atkins has been trying to renovate the tower for tenants.

Stache holds the promissory notes, mortgage and security agreement on the property.

Stache Investments says in the complaint that Barnett Tower LLC executed a promissory note for $3 million in March 2013 and a mortgage and security agreement, along with a second promissory note of $165,764.29 in June 2014.

Stache notified Barnett on Dec. 5 that it had failed to make payments and demanded immediate payment of $3,765,038.15.